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Marketing & Economy

TermDefinition
Economy The organized way a nation provides for the needs and wants of its people.
Resources Are all the things used in producing goods and services.
Factors of Prodiction Land, labor, capital, and entrepreneurship.
Land Includes everything contained in the earth or found in the seas.
Labor Refers to all the people who work.
Capital Includes money to start and operate a business.
Entrepreneurship Rrefers to the skills of people who are willing to invest their time and money to run a business.
Infrastructure The physical development of a country.
Scarcity The difference between wants and needs and available resources.
Traditional Economy Traditions and rituals answer the basic questions of what, how, and for whom.
Market Economy There is no government involvement in economic decisions.
Command Economy A system in which a country's government makes economic decisions and decides what, when, and how much will be produced and distributed.
Productivity Output per worker hour that is measured over a defined period of time, such as a week, month, or year.
GDP The output of goods and services produced by labor and property located within the country.
Inflation Refers to rising prices.
Consumer Price Index Measures wholesale price levels in the economy.
Business Cycle These recurring changes in economic activity. The business cycle includes the following key phases: expansion, recession, trough, and recovery, at which time expansion begins again.
Expansion A time when the economy is flourishing, sometimes referred to as a period of prosperity.
Recession A period of economic slowdown that lasts for at least two quarters, or six months, according to financial experts.
Depression A period of prolonged recession.
Trough When the economy reaches its lowest point in a recession, after which economic activity begins to rise.
Recovery The term used to signify a period of renewed economic growth following a recession or depression.
International Trade The exchange of goods and services among nations.
Imports Goods and services purchased from other countries.
Balance of Trade The difference in value between exports and imports of a nation.
Free Trade Commercial exchange between nations that is conducted on free market principles, without restrictive regulations.
Tariff A tax on imports.
Quota Limits either the quantity or the monetary value of a product that may be imported.
Embargo A total ban on specific goods coming into and leaving a country.
Protecsionism A government's establishment of economic policies that systematically restrict imports in order to protect domestic industries.
World Trade Organiztion (WTO) A coalition of nations that makes rules governing international trade.
North American Free Trade Agreement (NAFTA) An international trade agreement among the United States, Canada, and Mexico.
European Union (EU) Is European's trading bloc.
Importing Involves purchasing goods from a foreign country.
Exporting A domestic company that wishes to enter the global marketplace with minimal risk and control.
Licensing Involves letting another company use a trademark, patent, special formula, company name, or some other intellectual property for a fee or royalty.
Contract Manufacturing Popular as emerging countries offer facilities, know-how, and inexpensive labor.
Joint Venture A business enterprise that companies set up together.
Foreign Direct Ivenstment (FDI) The establishment of a business in a foreign country.
Globalization Selling the same product and using the same promotion methods in all countries.
Product Adaptation Changing a product to meet different consumer needs and/or to reflect the cultural differences in a foreign market.
Customization Involves creating specially designed products or promotions for certain countries or regions.
Free Enterprise System Encourages individuals to start and operate their own businesses in a competitive system, without government involvement.
Patent An invention, you alone own the rights to that item or idea.
Trademark A word, name, symbol, sound, or color that identifies a good or service and that cannot be used by anyone but the owner.
Copyright Involves anything that is authored by an individual, such as writings, music, and artwork.
Competition Businesses that operate in a free enterprise system try to attract new customers and keep old ones. Other businesses try to take those same customers away.
Business Risk The potential for loss or failure. As the potential for earnings gets greater, so does the risk.
Profit Is the money earned from conducting business after all costs and expenses have been paid. Profit is often misunderstood.
Supply Is the amount of goods producers are willing to make and sell.
Demand Refers to consumer willingness and ability to buy products.
Surpluses Of goods occur when supply exceeds demand.
Shortages When demand exceeds supply.
Equilibrium When the amount of a product being supplied is equal to the amount being demanded.
Domestic Business A business that sells its products only in its own country
Global Business Sells its products in more than one country.
For-Profit Business Seeks to make a profit from its operations.
Nonprofit Organization Functions like a business but uses the money it makes to fund the cause identified in its charter.
Public Sector Government-financed agencies.
Private Sector Businesses not associated with government agencies.
Industry A group of establishments primarily engaged in producing or handling the same product or group of products or in rendering the same services.
Derived Demand The industrial market is based on, or derived from, the demand for consumer goods and services.
Wholesalers Obtain goods from manufacturers and resell them to industrial users, other wholesalers, and retailers.
Retailers Buy goods from wholesalers or directly from manufacturers and resell them to the consumer.
Management The process of achieving company goals by effective use of resources through planning, organizing, and controlling.
Accounting The discipline that keeps track of a company's financial situation.
Created by: Melia.H
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